If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • HDFC Car Loan Eligibility Calculator is Rated as "Excellent!" by 7299 Users

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    HDFC Car Loan Eligibility Calculator

    An Overview about HDFC Car Loan

    HDFC has attractive car loan offers for new and used cars. It has appealing interest rates, easy repayment tenures and large loan amounts. Customers can avail of three different car loans to suit their needs. You can avail of a loan for:

    • New Car
    • Pre-Owned Car
    • Loan Against Car

    HDFC offers car loans that finance 100% of your cost to purchase the car. Repay the loan over 7 years. You can check if you are eligible for a car loan in a minute and be approved of one in half an hour. Enjoy fixed interest rates and stability of your EMI every month. HDFC aims at making the process fast and hassle-free for their customers. With low down payments, competitive pricing, transparency and deals offered to customers, this car loan stands out as one of the best offers. HDFC ensures that there are no hidden charges in the loan process which makes customers happy with the clarity of the loan amount and applicable fees.

    HDFC also has tie ups with a number of authorised pre-owned car dealers to provide loans to customers seeking used cars. Get fast approvals and doorstep service with this loan. The car should not be older than 7 years for private use, and 6 years for commercial use.
    And even if you don’t have income documents to present, the bank has a car loan that makes it even more easier for you. The HDFC Loan Against Car Loan gives you an interest rate lower than 2% on a personal loan. You can get a maximum loan amount based on the value of the car.

    HDFC Car Loan Eligibility

    The HDFC car loan is offered to salaried individuals as well as self-employed businessmen. Your eligibility for a car loan is based on a number of factors such as your age, income and whether the bank can be sure you are capable of repaying the loan. You are also required to submit documentation that can support your identity, age, address and income claims.

    Apply for Car Loan Online

    New cars

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    60 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,80,000

     

    Yes

    Sole Proprietorship

    21 years

    65 years

    2 years in business

    Rs. 60,000 for standard cars.

     

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Partnership Firms

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Private Limited Companies

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Public Limited Companies

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

     

    Pre-owned cars

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    60 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,00,000

     

    Yes

    Sole Proprietorship

    25 years

    65 years

    3 years in business

    Rs. 60,000

     

     

    Yes

    Partnership Firms

         

    Rs. 60,000

     

    Rs. 4,50,000

    Yes

    Private Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Public Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Hindu Undivided Family- HUF

         

    Rs. 60,000

     

    Yes

     

    Loan against car

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    65 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,00,000

     

    Yes

    Sole Proprietorship

    21 years

    65 years

    3 years in business

    Rs. 60,000

     

     

    Yes

    Partnership Firms

         

    Rs. 60,000

     

    Rs. 4,50,000

    Yes

    Private Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Hindu Undivided Family- HUF

         

    Rs. 60,000

     

    Yes

     

     

    HDFC Car Loan Documentation required

    In order to complete the eligibility process, you need to submit documentation to prove your identity, age, address and income. The following are the documents you will need.

    • ID proof -
      • For salaried individuals and businessmen: Any official document that can be used to identify yourself such as a copy of your passport, voters ID, PAN card, driver’s licence, ration card.
      • For Partnerships: Partnership deed
      • Private Limited Companies: Memorandum and Articles of Association / Certificate of incorporation
    • Age proof - Any official document that can be used to verify your age will suffice such as a copy of your passport, voters ID, PAN card, driver’s licence, ration card, employer certificate or ID, School or College leaving certificate.
    • Address proof - You are required to prove your place of residence through a ration card, driver’s licence, Passport, telephone bill, electricity bill, credit card statement with a copy of your credit card, or an employer’s certificate.
    • Signature proof - The bank also needs to verify your signature as it appears on your passport, driver’s license, credit card statement, banker’s verification, copy of margin money paid to the bank.
    • Income proof
      • For salaried employees, you need to present your latest salary slip with the latest Form 16/ Latest Income tax returns. You can submit the HDFC bank corporate salary account statement for the last 3 months for salaries above Rs. 8,000.
      • For businessmen, you need the latest/previous year’s Income tax returns with the advance tax paid challan or the latest IT assessment order.
      • For Partnership,Private and Public Limited Companies, you need the latest ITR and balance sheet along with Profit and Loss account.
    • In case you are transferring your loan, you need to submit the foreclosure statement from the previous bank.
    • The repayment schedule for 9 months for personal vehicle, and for 12 months for commercial vehicles.

    Factors Affecting HDFC Car Loan Eligibility

    Your HDFC Car Loan Eligibility can be affected by a number of factors. A few have been listed below.

    CIBIL score - CIBIL score is your credit score assigned by the Credit Information Bureau Limited. A high credit score could make your loan process easy and smooth. A low credit score could prove difficult to secure a loan.

    Age - You can get a loan only when you reach the age of 21 years. The maximum age poses a greater obstacle. You must finish the repayment period by the age of 65 years. This is where age can affect your eligibility.
    Income - The loan amount you are seeking to purchase your car may not always be the same as what you are eligible for. Your loan amount depends greatly on how much income you can show. If you end up being short on the eligible income scale, you can add on your immediate family member’s income to compensate the difference.

    Debt - Any debt you already have might affect your eligibility. Your debt-to-income ratio is a very important factor while taking out a major loan. If you already have another loan, or credit card debt, this could significantly reduce your eligible loan amount or total eligibility.

    How CIBIL Score affects HDFC Car Loan Eligibility

    Your CIBIL score is determined by the Credit Information Bureau (India) Limited which has come to play a very crucial role in India’s Financial System. CIBIL collects and stores all information related to your credit history like credit cards, loans, payments, defaults, spending patterns, and so on. A number of things could negatively affect your score like defaulting on your EMIs or minimum due payments. A lower score reduces the amount of loan you are eligible for. In extremely bad situations, you might not be eligible for a loan at all. You will need to build your score back through a long process. So it is important when you take credit from banks and financial institutions to pay your dues on time and play by the rules to ensure a good credit score for when you need it again.

    How to Increase your HDFC Car Loan Eligibility

    If you find yourself not eligible for the loan amount you are looking for, there are ways to change that.

    Pay off other debts - You will need to repay other loans and credit cards in order to increase the amount of loan you might get. Never take a personal loan right when you plan to take a big car loan or home loan in the near future. This could affect your debt-to-income ratio, and this will significantly reduce your loan amount.

    Co-applicants - You can include the income of your spouse, father, mother, son, daughter, brother and sister to increase your eligibility. They will be brought on as co-applicants of the loan even if the car is not in their name.

    Increase your credit score - Find ways to bring your credit score up. You could spend more on your credit card and pay it back ahead of time. CIBIL scores are tricky because even closing a credit card can put a ding in your score simply because your available credit limit is significantly reduced. So do your research and find ways to improve your score.

    HDFC Bank Car Loan Eligibility Calculators

    HDFC Bank offers a quick and easy eligibility calculator on its website. Simply enter your details to find out if you are eligible for a loan. You can also view the exact total cost and EMI of your car loan. You can then decide whether the loan is suitable for you and apply online. Get special discounted rates of interest when you apply for a loan online.

    You can also check your eligibility on BankBazaar.com. Enter your details and view the results of the loans you are eligible for. You can read further about the HDFC Car Loan offered and apply online directly through BankBazaar.com.

    Car Loan Reviews

    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken second hand car loan from HDFC bank and the experience was quite good. The loan amount was for Rs 2.5 lakhs with the rate of interest which is nominal in the market. The tenure period of this loan is 2 years. Customer service was good and they responded on time, documents were collected door step. There is no charges on preclosure and part payment.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 15, 2017
    • HDFC Bank Car Loan
      "Car loan with HDFC"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with HDFC bank. The approved loan amount was 10 lakhs 50 thousand. The monthly EMI comes around 31000 with a rate of interest of 10.25%. I have opt for a tenure of 5 years. The documentation process was really good and they have waived off the processing amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 14, 2017
    • HDFC Bank Car Loan
      "Hassle free service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC. The approved the loan amount was 3.9 lakhs. The monthly EMI which i had to pay back to the bank was 6880. The tenure which i have chosen was 5 years. Its a less documentation process. The service was hassle free.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 14, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with HDFC bank and it was a good loan experience. The loan amount was for Rs 5 lakhs with the nominal rate of interest when compared to other banks. This was preapproved loan so no much documents were required. The process was very smooth and the customer service was good.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Dec 11, 2017
    • HDFC Bank Car Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with HDFC bank and it was overall a good loan experience. The loan amount was for Rs 8 lakhs with the rate of interest which is nominal when compared to other banks. The process was very quick, it took 2-3 days for the loan amount to get approved. Customer service was good, they provided door step service to collect the documents. My car loan was based on ex-showroom price and it was a good service from HDFC.
      Was this review helpful? 5
      , mumbai
      Reviewed on Dec 09, 2017
    • HDFC Bank Car Loan
      "Average service"
      0.5 4.0/5 "Great!"
      My car loan experience with HDFC bank was good, the loan amount was for Rs 4.5 lakhs with the high rate of interest when compared to all other banks. The process was quite long, it took more than the normal time for the loan amount to get approved, Customer service was good and documents were collected door step.
      Was this review helpful? 2
      , lucknow
      Reviewed on Dec 09, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the car loan with the HDFC bank and the interest rate is around 8.5%. I would like to say that the customer service is okay with them and the loan amount got disbursed within fifteen days of time. I am happy with the HDFC bank car loan.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 09, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have applied for a car loan with Hdfc bank.The loan amount is 9 lakhs.The rate of interest is 10.5% high compared to other banks.The tenure is for five years.I pay an EMI amount through an ECS.I don't have processing fees to process the loan.
      Was this review helpful? 2
      , noida
      Reviewed on Dec 08, 2017
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was been twelve years I have been banking with hdfc bank ,so the documents part was very easy also the rate of interest they quoted me was good compare to others in the market. The customer support was good , it was a good experience with hdfc car loan service.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 08, 2017
    • HDFC Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      The interest rate was little high with hdfc car loan department and the service have been taken directly from the showroom customer support was good the payments where through online, it was a good experience with hdfc car loan department.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 08, 2017
    • HDFC Bank Car Loan
      "Very good sevice"
      0.5 4.0/5 "Great!"
      The HDFC bank has disbursed my car loan within 10days of time. The customer support is good with the HDFC bank and the required loan amount has been disbursed and I am satisfied with it. The rate of interest and the charges are average with the HDFC bank car loan services.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 07, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I had applied for a car loan from HDFC bank for an amount of 2.55 lakhs rate of interest is 8.75% nominal as compared tp other banks in the market.They had shared the complete loan details.the total tenure is for five years us have completed 2 years .
      Was this review helpful? 3
      , hyderabad
      Reviewed on Dec 06, 2017
    • HDFC Bank Car Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      Hdfc car loan service was good but I feel the customer support has to be improved with hdfc car loan department also there is no proper response from hdfc and they never provide me any information regarding the interest rate it was a average service from hdfc car loan service.
      Was this review helpful? 2
      , new delhi
      Reviewed on Dec 06, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with HDFC bank and it was overall a good loan experience. The loan amount was for Rs 4.75 lakhs with the rate of interest of 12% which is nominal when compared to other banks. The process was very smooth and easy, the loan was approved within 3 days. Customer service was good and they provided door step service to collect the documents. The car loan was given based on the on-road price. There is no charges on preclosure and part payment.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 04, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have a car loan with HDFC bank. They offered me this car loan with 9% to 9.5% as rate of interest. The total loan amount is 3.10 lakh rupees. The total tenture is 5 years. HDFC bank charged me a processing fees which is Rs. 500. Overall it was good and speedy process of this loan.
      Was this review helpful? 3
      , new delhi
      Reviewed on Dec 04, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the car loan with the HDFC bank around 3 years ago. The customer support gave me prompt response . I got the required loan amount form the HDFC bank and they have disbursed the loan amount within a day time. The rate of interest and the charges are average with the HDFC bank car loan service.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 04, 2017
    • HDFC Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      My salary account was with HDFC bank so I had taken my car loan. The loan process was good and it was immediate approval. Th customer service and response was good. I had expected 8% interest rate comparing to other banks but they have given 8.5%. The processing charges is more with HDFC. I would suggest them to decrease the interest rates and charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 04, 2017
    • HDFC Bank Car Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My car loan was taken with HDFC bank few months back. The loan amount was 7 lakhs and the interest rate was 8.5% which was very low comparing to other banks in the market.I am satisfied with the loan process here and they have provided door step service for collecting document . My overall experience was very good and I would like to recommend to others.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 04, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for a car loan personal with HDFC bank through online portal. Actually I'm planning to purchase a car in the year of 2018. So I had cancelled the application. The rate of interest was more high compared to other banks. I had received a proper call back.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 02, 2017
    • HDFC Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      Within 5 to 6days HDFC bank has approved my car loan and they have disbursed it within the promised time. The required loan amount has been given by HDFC bank and I am satisfied with it. The rate of interest and the additional charges are average with HDFC bank car loan service.
      Was this review helpful? 0
      , kochi
      Reviewed on Dec 02, 2017
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